ECONOMY

Aug 04 13:43

Road Taxes Are Rising, Even in Tax-Averse States

In the past year and a half, one-fourth of the states have hiked taxes, fees or fines, and at least a dozen others are studying options,

Aug 04 13:07

Three Chart Alarm: The Fed Has Set-Up The Corporate Bond Market For A Big Fall

The three charts below, which appeared in this morning’s Wall Street Journal, are still another reminder that the Fed’s heedless fueling of the third financial bubble this century has done enormous damage to the internals of financial markets. In this case, investors and savers being brutally punished by ZIRP were herded into bonds funds in a desperate scramble for yield. Accordingly, bond fund assets soared from $1.6 trillion at the time of the financial crisis to $4.1 trillion today.

Yet the market’s structural liquidity condition has gone in the opposite direction. Dealer inventories of corporate bonds have plummeted by nearly 75% from pre-crash levels, meaning that the ratio of dealer inventories to bond fund assets has virtually been vaporized. In 2008 that ratio stood at 15%, but presently it is only 1.5%. Likewise, daily trading volumes have been cut in half since the crisis.

Aug 04 12:38

Wal-Mart Has Loads of Issues: Davidowitz

Aug 04 12:36

Ron Paul Warns: The Dollar Collapse is Close

Webmaster's Commentary: 

Hence the rush to a new World War.

Crash of 1907 -> WW1

Crash of 1929 -> WW2

Crash of 2008 -> WW3

Get the picture?

Before the creation of the Federal Reserve, there was no such thing as a world war.

Aug 04 12:26

Road Taxes Are Rising, Even in Tax-Averse States

.
In the past year and a half, one-fourth of the states have hiked taxes, fees or fines, and at least a dozen others are studying options,

Aug 04 11:58

P&G To Dump 100 Brands, Cut Jobs

Aug 04 11:37

Seven Banned Words Needing Deployment NOW on the One Percent

Interesting, the stuff Felicity Arbuthnot (August 2nd, 2014) wrote about Tony Blair and the Mafia Middle Easterners known in some circles as Stockholm Syndrome Nazis – can you imagine Jews in Israel taking their marching orders from the Third Reich, from the Final Solution pharmacists, from the entire project on usury, militarism, and atrophied hearts and sociopathic economics, cultural crassness and genocide that define what it is to be a Zionist there, here, anywhere?

Aug 04 10:43

All of Tennessee’s Employment Growth Since 2000 Has Gone to Immigrants, Yet Natives Accounted for Two-Thirds of Population Growth

The Gang of Eight Senate immigration bill (S.744) passed last June would have roughly doubled the number of new foreign workers allowed into the country and legalized millions of illegal immigrants already in the United States. Both Tennessee senators — Lamar Alexander (R) and Bob Corker (R) — voted for it.

To put into context the possible effects of this legislation on Tennessee, the Center for Immigration Studies has analyzed recent government data on employment. The analysis shows that, since 2000, all of the net increase in the number of working-age (16 to 65) people holding a job in Tennessee has gone to immigrants (legal and illegal). This is the case even though the native-born accounted for 60 percent of the growth in the state’s total working-age population.

Webmaster's Commentary: 

"That's okay; all you working age Americans can just go on down to your local military recruiting office and get a fine job!" -- Official White Horse Souse

Aug 04 10:29

World Trade Organisation's future in doubt after India blocks trade deal

Global agreement collapses as Narendra Modi insists on food subsidy and stockpiling concessions for developing countries

Aug 04 10:10

Home Ownership Among Young At Lowest Point Since Records Kept

In the second quarter of 2014, the rate of homeownership among householders who are under 35 dropped to the lowest number ever reported since the Census Bureau first started recording quarterly homeownership rates 21 years ago.

Aug 04 09:56

ANALYSIS: WHY RBS IS A BES MESS IN THE MAKING

A whopping pension hole in the future, and whopping liabilities that aren’t in the past

Aug 04 09:36

US cities’ crackdown on homeless people is ‘close to ethnic cleansing’

American cities drive the homeless out of their midst by a combination of police harassment and increasingly draconian new ordinances

Aug 04 09:23

Defining Away Economic Failure

Last week’s government guesstimate that second quarter 2014 real GDP growth will be 4% seems nonsensical on its face. There is no evidence of increases in real median family incomes or real consumer credit that would lift the economy from a first quarter decline to 4% growth in the second quarter.

Aug 04 09:02

$7,060,259,674,497.51–Federal Debt Up $7 Trillion Under Obama

The total federal debt of the U.S. government has now increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president.

Aug 04 07:49

ALERT: ISDA Announces that the New “London Silver Price” for Silver Derivatives is OPTIONAL!

The International Swaps and Derivative Association (ISDA) published their position on the changing of the “SILVER-FIX” with the new “LONDON SILVER PRICE” and the ramifications are earth shattering for silver derivative holders:

WHAT WAS ANNOUNCED WAS A SHOCKING “GET OUT OF JAIL FREE” CARD FOR THE SILVER DERIVATIVE SHORTS AND GUARANTEED TO THROW THE SILVER DERIVATIVE MARKET INTO CHAOS as none of the silver derivative contracts are legally binding after the London Fix ends August 14th!!

Aug 04 07:38

G-20 Revolt? France Gets "Positive Reception" To Challenge US Bank Fines

In recent weeks France has defied US demands not to build Mistrals for Russia, has questioned dollar imperialism and the Petrodollar, and has blasted the US banking regulator's fines as "accelerating the decline of the dollar." So it is likely not a huge surprise that ahead of the G-20 meeting of world leaders later in the year, The FT reports, France has gathered support to challenge US regulators imposing heavy penalties on foreign banks.

Aug 04 07:33

The Slide to Collapse Is Greased with Self-Interest

Self-interest is intrinsically self-liquidating on a systemic level.

One enduring if rarely stated principle of Neoliberal Democracy is that the single-minded pursuit of self-interest magically produces a productive equilibrium which serves everyone’s interests well enough to avoid the destabilization of rebellion or systemic collapse.

Aug 04 07:16

FACEBOOK STILL BLOCKING POSTS WITH THE URL TO THE YOUTUBE VIDEO OF "ALL WARS ARE BANKERS' WARS."

Aug 03 21:02

SCO to admit new members: India, Pakistan, Iran and Mongolia

Draft documents on the procedure of the admission new members to the Shanghai Cooperation Organization have been adopted. This is one of the main outcomes of the meeting of the foreign ministers of Russia, China, Tajikistan, Kazakhstan, Uzbekistan and Kirgizstan held in Dushanbe on Thursday.

Aug 03 20:42

Tony Blair will advise on controversial gas pipeline from Azerbaijan to Italy

Tony Blair will advise on controversial gas pipeline from Azerbaijan to Italy
On one side are Tony Blair, a powerful consortium of energy interests, including BP, and the autocratic ruler of a former Soviet bloc country. On the other are the olive growers of Puglia and a comedian turned political maverick.

Aug 03 18:58

Estonia- 0% corporate tax and still kicking ass. Why can’t the US learn from this…?

But perhaps most importantly, the ENTIRE tax code itself is just 43 pages, and filing a return can be done online in just minutes.

In contrast, the US tax code could fill entire football stadiums. And tax preparation wastes tremendous resources that could otherwise be put to productive use.

But here’s the incredible thing: Estonian tax revenues, GDP, and standard of living have been rising year after year.

And at roughly 10% of GDP, Estonia has a laughably low debt. In fact, Estonia has the LOWEST general government debt of any country in the EU.

In Estonia they have truly worked to make the pie bigger. It’s an abundance mentality, plain and simple.

Aug 03 18:20

Portugal's Insolvent Banco Espirito Santo To Be Bailed Out, Existing Equity To Be Wiped Out

So Portugal's "less insolvent" smaller banks will fund the bailout facility to rescue the nation's most insolvent mega bank. What can possibly go wrong...

Incidentally, the most fun we had was the part where they said no taxpayer money (read German) would be used to bail out yet another insolvent European bank.

So much for Europe's self-sustaining recovery in which no bank will be henceforth rescued.

That said, expect some combination of bail-out with bail-in elements, meaning the sub bonds are most likely about to be wiped out as well.

Aug 03 18:11

What The Heck Is Wrong with Tech?

Aug 03 16:53

Average American’s Net Worth has Dropped One-Third in 10 Years

We’re told that the Great Recession that kicked off in 2008 is finally over, but to many Americans it doesn’t seem as though they’re back where they were before the crash. They’re probably right: the net worth of average Americans is only 57% of what it was in 2007, according to a new report.
Comment

Aug 03 16:12

Dragon & the beast: The New Economy

Aug 03 15:58

"Buy the Dip?" or "Run for Cover"?

Aug 03 12:27

At the Margin

Aug 03 12:26

“The case for a new global paradigm - a new world system with sharing, sustainability and cooperation at its core

Graham Peebles argues the case for global change which places sharing, sustainability and cooperation – not competition, greed and abundance – at its heart, and cultivates tolerance, individuality, trust and social unity.

Aug 03 07:22

Pentagon asks Congress to allocate $19 mln in support of Ukrainian army

Aug 02 20:46

There’s a war going on already in Europe

I don’t know. I catch myself thinking at times that there’s already a war going on in Europe. It could certainly expand and accelerate a lot further, but the sanctions the US and EU intend to slam on Russia sure look like economic warfare to me. As do the innuendo, the lack of evidence, the constant stream of smear stories leaked through fuzzy channels, it all fits the picture.

The Yukos case is already causing people to wake up from various stages of slumber. BP reported ‘great’ profits today, largely from their interest in Russian oil giant Rosneft (got to love the irony), but it also said the sanctions that are being prepared could hurt its shares, because it has a 19% stake in Rosneft.

What it didn’t say out loud, but what is certainly an added threat, is that the parties who won the case can now go sue BP to get their $50 billion. Because of the same 19% stake. And given that many of the stakeholders of the other 81% will be hard to go after, BP could face a bit of a problem.

Aug 02 20:13

Assets Privacy and Liberty

Aug 02 19:45

All studies: cheaper to give homeless shelter, food, health care, job training than doing nothing

*hyperlinks live at source*
8-minute video: Director of US Interagency Council on Homelessness explains how to END homelessness

In 2009 I reported that all economic cost-benefit studies conclude it costs less to provide homeless Americans with shelter, food, health care, and job training than doing nothing at all.

The greatest savings come from decreased emergency room visits, police calls, and court time. What isn't counted, and significant, is the increase of business in areas where the homeless are vagrants. In addition, these studies show most participants find jobs and leave these programs.

A 2014 study in Florida reports taxpayers save over $20,000 per homeless person when they are provided basic services rather than languishing on the streets. An academic paper from two University of Pennsylvania professors document it’s more cost-effective to end homelessness than endure it.

Aug 02 19:45

Congress Leaves Town Denying 300,000 U.S. Vets Unemployment Relief, Funds Israeli Military Instead

While millions of families will be losing their only source of income while they look for jobs in a struggling economy, Congress did decide to pass one spending measure: a bill that will send another $225 million to support the Israeli military as they continue to devastate Palestine in the current ongoing conflict.

So while Congress was unable to agree to spending to help Americans here at home who are struggling to find work, they can go to bed hungry knowing that at least our government cares enough to fund the Israeli war machine.

Aug 02 19:15

The Top 2 Reasons Why You Will See Civil Unrest & Riots!

Average Price of Electricity Climbs to All-Time Record
CME live cattle hit new high with cash, beef prices...

Aug 02 17:59

I hate when people talk sh*t about Faber...

Aug 02 16:58

10 REASONS THE US ECONOMY IS STUCK

Aug 02 16:42

Beer Crisis Hits California

Aug 02 14:31

The Pardo v. MERSCORP Case: MERSCORP Northwest Trustee and RCO in Hot Water Losing Civil Conspiracy Motion to Dismiss


01 August 2014

Pardo v. NWTS -- KingCast/Mortgage Movies See Stafne Trumbull Crush NWTS, RCO, MERS, MERSCORP in King County Superior Court Motion Hearing: Civil Conspiracy Moves to Discovery.

Court: Originally the holder was Landhome...
PTF: Correct Your Honor....
Court: And then Landhome assigned it to whom....
PTF: We have no idea, that's the problem. We're here to get Discovery to find out what happened!!!"

Aug 02 14:23

Will Earnings Drive Stock Prices Higher?

Aug 02 13:33

German Beer Industry Takes On Fracking

Despite German environment minister Barbara Hendricks’ recent reassurances that most forms of hydraulic fracking will be prohibited until 2021, Germany’s 1,300 brewers worry a long campaign lies ahead of them. Hendricks’ declaration came after pressure from the German Brewers Federation – representing both craft breweries and global players including Becks and Warsteiner – had applied pressure on the government, concerned about the toxic chemicals used in the process of fracking.
Energy experts, including the German EU energy commissioner Günther Oettinger, argue that Germany should keep its options open on fracking when EU states such as Britain and Poland appear willing to exploit shale gas, estimating that the process could secure a tenth of the country’s needs and reduce energy imports, particularly from Russia.

Aug 02 10:36

Ending QE is Bad, Not Ending it is Worse

Aug 02 10:01

Gold headed to $1900-2400, Number say

Aug 02 08:07

"Costs?"

A funny thing happened since The US unleashed Russian-economy-crushing sanctions... the "costs" appear to have weighed down US and European stocks as Russian stocks gained?

As a reminder since the initial sanctions in March, the S&P 500 is up just over 4% and Russian stocks up just over 13% - so much for Carney's "sell" order.

Aug 02 08:00

Russian Oligarchs Wave Goodbye To Visa, Switch To Chinese Credit Card

So much for the "Russia is becoming increasingly isolated" meme that the West would like many to believe. As Russia continues to sign de-dollarization deals and trade agreements with its BRICS allies while pushing ahead with retaliatory actions against the US and Europe, it appears the 'sanctioned' friends of Putin are taking matters into their own hands. Billionaire oligarch Gennady Timchenko, among the first to be hit by travel bans and asset freezes by the US, has decided to tear up his Visa and Mastercard, shifting all his credit cards to China's UnionPay, noting that "in some ways it is more secure than Visa - at least the Americans can't reach it."

Aug 02 07:33

When China Spurns GMO Corn Imports, American Farmers Lose Billions

For a while there, China was the American farmer's best friend. The world's most populous nation had so many pigs and chickens to feed, it became one of the top importers of U.S. corn and soybeans almost overnight.

China also developed a big appetite for another corn-derived animal feed called "dried distillers grains with solubles," or DDGS, a byproduct of ethanol production. China's appetites for the stuff drove up global grain prices and filled Midwestern pockets with cash.

This year, though, the lovely relationship has gone sour, all because of biotechnology.

Aug 01 19:53

Universal Music Made $400 Million Off the Beats Acquisition. Artists Made $0…

“They will get nothing,” one major label attorney flatly told Digital Music News, while insisting on anonymity.

“There’s nothing in the [artist] contracts that says the label has to share those earnings. They draft it like that so the artists get nothing.”

Aug 01 18:31

SR 309 - U.S. Market Crash

Aug 01 18:17

Falling dollar

Aug 01 16:03

The US economy in one chart:

Aug 01 15:19

How one judge single-handedly killed trust in the US technology industry

Well that's certainly a phrase one US judge can nail on the casket of her career.

Aug 01 14:51

The New Cold War Russia & Gold

Aug 01 14:40

EU Raises the Stakes: New sanctions target Russia's biggest banks

The European Union has imposed sectorial sanctions on five Russian banks, including the country’s biggest, Sberbank, as part of economic steps that Europe, along with the US, have taken against Moscow over the crisis in Ukraine.

Aug 01 14:22

Gold Continuing to Outperform Stock Market

Aug 01 11:58

DHS Calls Motorists' Employer to Tattle That They Won't Answer Questions At Warrantless Checkpoint

Department of Homeland Security Officers in Laredo, TX resorted to calling the employer of a motorist who refused to comply with their commands at a warrantless checkpoint. This is akin to a little snitch telling the teacher on you in school, and reveals the gross incompetence of DHS. It's sort of amusing that the federal government has resorted to trying to force people to comply with checkpoints by tattling to their employers while they are being detained. This is not satire, it actually occurred last night. Video, details and photos at link.

Aug 01 10:58

Why Stocks Could Fall by 50% - 60%

Aug 01 10:43

Don’t Buy This Dip: The Fed Is Not Your Friend

During the last 64 months “buying the dips” has been a fabulously successful proposition. As shown in the sizzling graph of the NASDAQ 100 below, at it recent peak just under 4,000 this index of the high-growth, big cap non-financials stood at an astonishing 3.5X its March 2009 low. Moreover, during that 64 month period, there were but five minor market corrections—-the three largest reflecting just a 7-8% dip from the previous interim high. And as the index closed upon its current nosebleed heights, the dips became increasingly shallower, meaning that the reward for buying setbacks came early and often.

Aug 01 10:28

Financial Times Deleted Gold Manipulation Story Because it Was Too ‘Sensitive’

With great persistence and a little encouragement from GATA our friend R.B. in Britain has more or less solved the mystery of the Financial Times’ quick deletion from its Internet site of its February 24 report about gold market manipulation, “Fears Over Gold Price Rigging Put Investors on Alert; German and UK Regulators Investigate.”

The explanation is pretty much what one might expect: For the Financial Times, one of the many news organizations to which GATA repeatedly has provided its full documentation of gold price suppression by Western central banks – the issue is simply too “sensitive.”

Aug 01 09:21

WTO members fail to agree global trade deal

The World Trade Organization says its 160 members have failed to agree a global customs pact drawn up in meetings in Bali last December.

The Trade Facilitation Agreement would have streamlined global customs procedures, and should have been finalised by Thursday.

But it was blocked over a number of rifts, including India's demands for concessions on the stockpiling of food.

The WTO said it had not been possible to find a breakthrough.

Aug 01 09:14

Alle oorlogen zijn bankiersoorlogen

"Bankieren werd bedacht in ongerechtigheid en is geboren in zonde. De Bankiers zijn eigenaar van de Aarde. Neem het van hen weg, maar laat ze de macht om deposito's te maken en in een oogwenk zullen ze genoeg deposito's maken om het weer terug te kopen. Maar, neem het van hen weg en al de fortuinen als de mijne zullen verdwijnen en ze zouden moeten verdwijnen, omdat deze wereld dan een gelukkiger en betere wereld zou zijn om in te wonen, maar als je slaven wilt blijven van de bankiers en betalen voor de kosten van uw eigen slavernij, laat ze door blijven gaan deposito's te creëren."
- Sir Josiah Stamp, president van de Bank van Engeland in de '20 van de vorige eeuw, de tweede rijkste man in Groot-Brittannië

Webmaster's Commentary: 

This is one of the largest and most popular Dutch corporate media websites, which draws millions of visitors every day, and they just linked to the video of "All Wars are Bankers' Wars!" So looks like Facebook's ban was rather pointless.

Aug 01 08:48

The 20% market correction has already started

Aug 01 08:41

RadioShack's days are numbered

Webmaster's Commentary: 

Radio Shack is where I used to go for parts and supplies to build things. That was their strength. But they dropped support for electronics hobbyists and went with the same consumer-level products everyone else is selling, and are now paying the price for forgetting what their original success was based on.

Aug 01 08:27

Will the Global Financial System Survive? What are the Triggers for a Crash?

In view of the public debate they have raised in Germany, Matterhorn Asset Management is extremely pleased to feature the below written interview Lars Schall did, on our behalf, with Marc Friedrich and Matthias Weik this past week. German economists Friedrich and Weik co-authored two books which unfortunately are still only available in German. In their latest publication, “Der Crash ist die Lösung”, the economists explain from a German and International perspective, in easy to understand language, why “The Crash is the solution” and why this crash will be more catastrophic than the previous one. They describe based on solid economic fundamentals why a ‘final financial collapse’ is on our doorstep.

Aug 01 08:12

Big Players Promoting Water Privatization

Americans used to take water for granted, but the water shutoff in Detroit has taught us all-important lessons. We now know that the private sector is willing to be ruthless in denying access to the most basic needs of living beings, and we also know that even those who have the least resources can also have power - if they are organized.

Aug 01 07:14

Why Wait for the Shoe to Hit the Floor? The Case for Selling Now

Waiting to sell is akin to ignoring the smoke and flames in the crowded theater and hesitating until somebody yells "fire!" to rush for the now-jammed exit.

The stock market is supposed to be a discounting mechanism that anticipates and prices in developments six months out. This discounting mechanism has been broken for so long that many participants seem to have forgotten how to do anything but buy the dips, the Pavlovian response to any decline in stocks that has been rewarded with a food pellet for the past five years.

Aug 01 06:58

US Manufacturing PMI Misses By Most In 11 Months, Employment Plunges, Blames Russia & Gaza

US Manufacturing PMI in July dropped to 3-month lows at 55.8, missing expectations by the most since Augiust 2013 as employment growth moderated to its slowest in 13 months. The 'excuse' this time - Russia and Gaza.

"You forgot global warming" - Al Bore

Jul 31 09:48

Russia And India Begin Negotations To Use National Currencies In Settlements, Bypassing Dollar

That is about to change when yesterday the Russian central bank announced that having been increasingly shunned by the west, Russia discussed cooperation with Reserve Bank of India Executive Director Shrikant Padmanabhan. The punchline: India agreed to create a task group to work out a mechanism for using national currencies in settlements. And so another major bilateral arrangement is set up that completely bypasses the dollar.

Jul 31 09:40

Obama's Russian Sanctions take hold - Dow down 200 as stocks end July with a thud

Webmaster's Commentary: 

I have no doubt that the announcement of a 4% growth in GDP was intended to offset the downward pressures from the new sanctions, but with the US Government having lied (and then "revised") that GDP figure so many times, not to mention the obvious frauds in reporting unemployment and inflation, nobody believes that 4% claim.

Jul 31 09:17

Deadbeat Illinois Evicted From Facility: DMV Office Hasn't Paid Rent in 13 Months

For 13 months, the Secretary of States' office refused to pay rent on its Belvidere facility. Due to that non-payment, the Department of Motor Vehicles is being evicted.

Local radio station WIFR spoke with one of the building's landlords, Diana Toft. Toft and her husband own the building on Pearl Street and they say they’re not willing to sign a lease because of the terms offered in it. Toft says the state owes them 13 months of unpaid rent, saying the state hasn’t paid since June 29th, 2013.

Jul 31 09:13

HSBC terminates Gaza-linked Islamic charity’s bank account and others

HSBC has written to an array of UK Islamic charitable organizations to inform them their accounts with the bank will be terminated. One such organization has carried out relief work in crisis-stricken Gaza for over a decade.

In formal letters issued to a think tank, a charity and a North London mosque, HSBC claimed continued provision of its services would counter its “risk appetite".

Family members of a man who runs the think tank have also received similar letters from HSBC. But the multinational bank reportedly offered no explanation for its decision to withdraw its banking services in these cases.

Jul 31 09:11

EU sanctions some of Russia's biggest banks, including #1 Sberbank

The European Union has imposed sectorial sanctions on five Russian banks, including the country’s biggest, Sberbank, as part of economic steps that Europe, along with the US, have taken against Moscow over the crisis in Ukraine.

The list, published Thursday, includes Sberbank, VTB Bank, Gazprombank, Vnesheconombank (VEB) and Russian Agriculture Bank (Rosselkhozbank).

These financial entities will be banned from raising capital on the EU’s capital markets.

Webmaster's Commentary: 
Jul 31 08:57

Detroit Residents Appeal to United Nations to Save Their Access to Water

The City of Detroit is shutting off water taps for its residents. Yet, corporations are not forced to pay.

Webmaster's Commentary: 

I was hoping that with control of the water system returned to the Mayor, this crisis was over.

Jul 31 08:42

FLASHBACK - JFK Vs The Federal Reserve

It appears obvious that President Kennedy knew the Federal Reserve Notes being used as the purported legal currency were contrary to the Constitution of the United States of America.

"United States Notes" were issued as an interest-free and debt-free currency backed by silver reserves in the U.S. Treasury. We compared a "Federal Reserve Note" issued from the private central bank of the United States (the Federal Reserve Bank a/k/a Federal Reserve System), with a "United States Note" from the U.S. Treasury issued by President Kennedy's Executive Order. They almost look alike, except one says "Federal Reserve Note" on the top while the other says "United States Note". Also, the Federal Reserve Note has a green seal and serial number while the United States Note has a red seal and serial number.

Jul 30 14:18

Argentina placed into ‘default’ rating as debt deal deadline expires

Argentina’s credit rating was downgraded to “selective default” by Standard & Poor’s as the South American country missed Wednesday’s deadline for a grace period during ongoing negotiations with holdout debt holders.

Wednesday is the cutoff for Argentina to make good on a $539 million payment to bondholders, which was placed on hold by a US judge’s order tying that payment to ongoing litigation by vulture funds which refused the country’s original cents-on-the-dollar debt restructuring offer.

Analysts generally do not believe that a default by Argentina will have the same consequences as in 2001.

Jul 30 12:46

Trading to Resume on Moscow Stock Exchange

Trading will begin again on the Moscow Stock Exchange at 5:50 p.m. after stopping abruptly on Wednesday afternoon, the stock exchange said in a statement.

Trading stopped at approximately 3:56 p.m. in Moscow, according to Interfax.

The stock exchange said in an earlier statement that the reasons for the interruption are being investigated.

Webmaster's Commentary: 

Hacking attack to try to shut them down?

Jul 30 09:41

"US Will Feel Tangible Losses," Russia Prepares To Unleash Retaliatory Trade Wars

"It's a troubling continuation/expansion of trade as a geopolitical tool," warns one Washington-based consulting firm as Russia prepares to unleash retaliatory actions to US and European sanctions. As Bloomberg reports, Russia said yesterday it may ban imports of chicken from the U.S. and fruit from Europe and is investigating McDonald's cheese for safety. In addition, a Russian lawmaker has drafted legislation that might result in U.S. accounting firms being barred from doing business in his country. All of this is odd given Jack "trust me" Lew's reassurance that Russian sanctions would have no impact on the US economy. Russia's response, US will feel 'tangible losses' from 'destructive, myopic' sanctions.

As Bloomberg reports, while Russia and the U.S. have long sparred over agricultural trade, the actions fueled speculation they could be retaliatory.

Webmaster's Commentary: 

Gee, ya THINK?!?!?!?

Jul 30 06:10

Swedish banks walk tightrope with sanctions

News agency Reuters reports that the EU has agreed on a sanctions package against Russia, over its role in Ukraine, on Tuesday. The details of the sanctions package will be finalized and released on Wednesday. The sanctions target the finance, defence and energy sectors.

The sanctions are initially set to last one year but a review will take place after three months, to judge their effectiveness. The sanctions were decided to only target future contracts, leaving existing contracts intact, like France's delivery of helicopter carrier warships to Russia.

According to Reuters, one of the sanction with the most impact will ban Europeans from buying new bonds or shares issued by banks owned 50 percent or more by the Russian state.

Jul 30 05:58

Q2:2014 US GDP Nowcast: +3.2%

The US economy is expected to post a substantial rebound in the government’s initial estimate of second-quarter GDP that’s scheduled for release on Wednesday, according to the Capital Spectator’s median econometric nowcast. Following the surprisingly sharp 2.9% decline for Q1 GDP (real seasonally adjusted annual rate), the US Bureau of Economic Analysis (BEA) is projected to report a 3.2% increase for its “advance” Q2 data on July 30.

Webmaster's Commentary: 

And three months from now they will "adjust" that one back down to reality.

Jul 29 20:45

Why the USA and England Had to Start World War Two

Why? Basically because their gangster overlords, the sleazy criminals that slither around the banks in Wall Street and the City of London financial district told them to get the war on.
The banksters were deathly afraid that Hitler's resuscitation of Germany's economy, which had been on life support and falling fast, but got turned around in a matter of years into what got called an economic miracle would start spreading to other nations, many of whom were being destroyed from within by the perverted banksters choke-hold on those nations.

Jul 29 15:30

Website of James Perloff, today's radio show guest.

Thomas Jefferson said:

Nothing can now be believed which is seen in a newspaper. Truth itself becomes suspicious by being put into that polluted vehicle. The real extent of this state of misinformation is known only to those who are in situations to confront facts within their knowledge with the lies of the day. I really look with commiseration over the great body of my fellow citizens, who, reading newspapers, live and die in the belief that they have known something of what has been passing in the world.

(Letter to John Norvell, June 14, 1807)

Jul 29 13:33

Obama: ‘Not a new Cold War,’ but new Russia sanctions announced

President Obama announced a new round of U.S. sanctions against Russian banks and a shipbuilding company Tuesday, saying Russia must pay an increasingly high price for its military aggression in Ukraine and the downing of a passenger jet.

The penalties follow tougher sanctions agreed to by European Union leaders earlier in the day.

“Today is a reminder that the United States means what it says,” Mr. Obama said in a statement on the South Lawn of the White House. “It didn’t have to come to this. There continues to be a better choice.”

Webmaster's Commentary: 

Jul 29 13:05

Detroit water department placed in mayor's hands

Control of Detroit’s massive municipal water department, which has been widely criticized by the United Nations and others for widespread service shutoffs to thousands of customers, has been returned to the mayor’s office.

Webmaster's Commentary: 

If he has any sense, the Major will leave the water running.

Jul 29 11:32

Folks Out There Have a “Distaste of Western Civilization and Cultural Values”

The Times then goes on to blame terrorism on “religious fanaticism…the anger among those left behind by globalization,” and the “distaste of Western civilization and cultural values” among the global dispossessed. The blinders and self-deception in such a statement are truly mind-boggling. As if corporate globalization, pushed by the U.S. government and its closest allies, with the help of the World Trade Organization, World Bank and IMF, had not unleashed a tremendous immiseration process on the Third World, with budget cuts and import devastation of artisans and small farmers. Many of these hundreds of millions of losers are quite aware of the role of the United States in this process. It is the U.S. public who by and large have been kept in the dark.

Webmaster's Commentary: 

Present company excepted, of course.

Jul 29 10:10

IMF warns of adverse effects of anti-Russia sanctions

The International Monetary Fund (IMF) has warned that the sanctions imposed on Russia over the ongoing crisis in Ukraine would have adverse effects on a global scale.

Speaking at a news conference on Wednesday, IMF spokesman William Murray said that the potential global impacts of the anti-Russia sanctions are “still under assessment, but clearly you would anticipate - through trade channels - that there would be an impact.”

Murray also emphasized that the sanctions are expected to affect the economies “that have very active and direct trade links with Russia, particularly in eastern and central Europe and central Asia.”

Webmaster's Commentary: 

Sanctions are most generally a prelude to war, and that is the scary part here.

And even more scary is the reality that the US government doesn't have the troop strength, the money, or the manufacturing to insure a positive outcome to a conventional war against Russia, meaning such a war may well go nuclear in a heartbeat.

Jul 29 09:54

All Wars Are Bankers' Wars

Webmaster's Commentary: 

According to a reader email I received this morning, Facebook is still blocking attempt to link this video into Facebook posts, claiming that Facebook's security system has labeled YouTube a known security threat, even though no other YouTube videos are being blocked with that same message that I can find. So, if you want to post this video to Facebook, run the URL https://www.youtube.com/watch?v=5hfEBupAeo4 through tinyurl.com first to get past the filters.

Jul 28 11:25

America is buying disputed Iraqi Kurdish Crude Oil

Today a Marshall Islands-flagged tanker ‘United Kalavrvta’ carrying crude oil from Iraqi Kurdistan was anchored near the Port of Galveston, Texas, despite Washington’s long-standing concern over independent oil sales from the autonomous region. It would be at least the second time a U.S. company has taken delivery of oil that the Baghdad government says was smuggled from the country.

The semi-autonomous government in Kurdistan argues the exports are within its rights under Iraq’s federal constitution, but Prime Minister Nuri al-Maliki insists all Iraqi oil must be brokered by the state oil company.

The shipment is significant because it is one of the first from the new pipeline through Turkey, which Baghdad emphatically calls a smuggling operation. To make matters more tense with Baghdad, the Kurds siezed northern oil fields from ISIS control to keep them out of the hands of the Jihadist insurgents who control the northwest of the country.

Webmaster's Commentary: 

It is just a question of time before the government in Baghdad collapses completely, and Kurdistan's officials have been making statements about creating a completely independent country here.

Ultimately, like it or not, the US is going to have to deal with an independent Kurdistan, with oil to sell.

Jul 28 10:35

China Cements Eurasian Trade Routes With Great Silk Road Revival:

When it comes to the rise of Eurasia as the ascendent axis set to oppose US global hegemony, conventional wisdom focuses on the roles of China and Russia. However, the changing geopolitical landscape is certainly far more nuanced than merely the "west" versus the BRICS, and as the following infographic from SCMP shows, China has been quietly working to recreate one of the most legendary trade routes, "the Silk Road", linking Africa to the Middle East (Iraq and Iran) to India, to Indonesia and all culminating in Beijing, while at the same time the reverse leg of the route goes to Kazakhstan, Moscow and ultimately, Germany. The purpose: "to enhance political and economic ties with southeast Asia and beyond."

Jul 28 10:07

Africa’s Largest Refinery Finds 2.7 Tons Of Gold “Missing” After Computer System Upgrade

It’s one thing to implicitly admit that there is a physical gold shortage and as a result nations – such as Germany – are unable to repatriate their physical gold held in the safe and trusted confines 90 feet below the NY Fed, gold which may or may not be there and has likely been leased out exponentially to cover paper shorts by virtually every BIS-overseen central bank (and the BIS paper gold selling team itself of course).

It is something totally different to corzine, as in vaporize, 87,000 ounces of physical gold, some 2.7 tons, and blame it on a computer upgrade glitch.

Jul 28 09:52

Stock trader who called three crashes sees 20% collapse

Mark Cook, a veteran investor included in Jack Schwager’s best-selling book, “Stock Market Wizards,” and the winner of the 1992 U.S. Investing Championship with a 563% return, believes the U.S. market is in trouble.

Jul 28 08:27

The Fed Is Blowing a Titanic Stock Market Bubble Despite Media Denials

Is the Fed fueling a giant stock market bubble? ... Not only has the S&P 500 fully recovered from the financial crisis, it's a staggering 30% higher than the peaks of the Internet and housing bull markets. But is this really the case? With unemployment still above 6%, how could we find ourselves in the throes of yet another brewing catastrophe? Didn't investors and analysts learn anything from the past decade and a half? While it requires some explanation, the answer is that we're most likely not experiencing another irrational inflation of stock prices. – USA Today

Jul 27 09:02

The pathetic state of infrastructure in America

Drive on a public highway in any major city: New York, Chicago, Los Angeles. It’s a disaster. Potholes so big you worry about breaking an axle. And you should. In New York State, for example, a recent study estimated that bad roads and bridges cost motorists $20.3 billion in repairs annually.

Cracked concrete and asphalt everywhere. Missing guardrails, stolen signs, and everywhere you turn, garbage. Graffiti and vandalism take a toll but mostly it’s all just old. Old, rusted, worn out, years of “deferred maintenance” — as in none at all.

Webmaster's Commentary: 

Your tax dollars go to build and maintain modern highways in Israel ... but not here. After Afghanistan, Iraq, Libya, etc. et. al. toss out there puppet rulers, maybe it is time for Americans to toss out theirs!

Jul 27 08:58

Microsoft to Slash 18,000 Jobs Week After Bill Gates Pushed for Unlimited Guest-Worker Visas

On Thursday, a week after former Microsoft CEO Bill Gates argued for amnesty and for an unlimited number of high-tech guest-worker visas, Microsoft announced it would slash 18,000 jobs.

Microsoft CEO Satya Nadella promised his employees that "we will go through this process in the most thoughtful and transparent way possible." Analysts told USA Today that the number being let go was "larger than expected."

Webmaster's Commentary: 

Although Bill Gates is officially retired from Microsoft, his vast wealth remains primarily in his stock holdings in the company, so his activism regarding Guest-worker visas is motivated by his wallet, especially in light of the decline in Microsoft stock following Windows 8 and the NSA scandal.

Jul 27 08:35

From Boeing to banking: how Russian sanctions will hit western business

Tightening the economic screws will hurt Russia's economy, but the consequences will also be felt by western companies – and not just the usual suspects of energy and arms companies that have made high-profile deals with the Kremlin. Germany, for example, has 6,000 companies doing business in Russia, mostly small and medium-sized enterprises. But large conglomerates will be the bellwethers, showing how serious the consequences will be.

Webmaster's Commentary: 

At a time when both the US and EU economies are already fragile, the promoters of war against the Ruble (and the Yuan) are willing to inflict even more hardship and suffering on their own people.

Who is the real enemy?

It isn't Russia and it isn't China.

The common enemy of all mankind are private central banks issuing all of the public currency as a loan at interest, a system that by design leads to massive debt, enslavement, and world wars.

Jul 27 08:07

Driving our way into poverty: Subprime auto debt continues to expand while domestic auto production remains weak.

Americans love their cars. Urban sprawl with poorly designed city centers has made driving a near necessity for most people. During the credit crisis, one of the problems that occurred was that too many loans were being made to people that had no ability of paying their debt back. We see this trend in full stride once again in the auto industry. Subprime auto lending is back in a big way. The vast majority of non-housing debt growth in the last 12 months has come in the form of auto and student loan debt. As we all should know, a car loses value the minute you take it off the lot. Sure, these new cars come fully loaded and are virtually spaceships but it will cost you especially when the per capita wage in the country is approximately $26,000. Given that the average new car costs $30,000 most people need to go into debt to finance this purchase. We are now seeing a big wave of subprime borrowers purchasing cars. What can possibly go wrong?

Jul 27 07:23

Has Fractional-Reserve Banking Really Passed the Market Test?

In 2003, Jörg Guido Hülsmann, a senior fellow of the Mises Institute, published the essay “Has Fractional-Reserve Banking Really Passed the Market Test?” in a Winter edition of The Independent Review. The key conclusion drawn was that it is the obfuscation of the difference between fractional-reserve IOUs and genuine money titles which preserves the the practice of fractional-reserve banking.

Jul 27 07:22

Federal Judge Says U.S. Government Can Steal Unlimited Money From Anyone At Any Time Under The U.S. Patriot Act – 27 July 2014

He was held at Guantanamo Baby for more than 10 years without being charged before being released to his home country Dec. 5, 2013. He had opposed transfer to Algeria, because he feared persecution there, according to court papers.

The Pentagon, however, refused to return his money, based on what government lawyers claimed to be a policy “based on a strong national security interest in preventing these funds from being used in a manner that would adversely impact the safety and security of the United States.” The justification was drawn from provisions in the USA Patriot Act, reports said.

Some human rights groups have argued that the policy constitutes a “war crime,” specifically in that it is in violation of an international prohibition of wartime “pillage,” according to Vice News.

Jul 27 07:08

Former Vanguard Tax Lawyer Files Whistleblower Suit Alleging Mutual Fund Giant Became Low-Cost Leader by Evading $1 Billion in Taxes

A former employee of Vanguard Group Inc. has sued the mutual-fund company in New York, saying it has avoided paying federal and state taxes and sheltered hundreds of millions of dollars annually.

The civil suit, unsealed in the Supreme Court of New York on Friday, accuses the Malvern, Pa.-based firm of operating an illegal tax shelter for nearly 40 years, thus avoiding $1 billion of U.S. federal income tax and at least $20 million of New York tax over the last 10 years, according to a copy of the complaint. The suit was filed by David Danon, whose LinkedIn profile describes him as an associate counsel at the company from August 2008 to June 2013. Mr. Danon is requesting all costs of filing the lawsuit as well as 15% to 30% of any money recovered by the state and local governments, including all proceeds of any related action.

Jul 25 11:05

Moody's: Troubled Michigan cities may follow Detroit Chapter 9 plan

Moody’s Investors Service says a successful resolution of Detroit’s Chapter 9 bankruptcy restructuring may prompt other financially troubled Michigan cities to follow suit.

The $7 billion debt reduction plan “could serve as an example other distressed local governments in Michigan might follow,” the rating agency said in a statement Friday. Particularly important to the plan, it said, was a March 2013 settlement between three insurers of general obligation unlimited tax bonds and the city that conferred a secured status on those bonds.

“The final outcome of this bankruptcy will likely have broader implications for future bankruptcy cases involving distressed local governments in Michigan, potentially setting an important benchmark for the relative position of debt versus pensions,” Moody’s vice president, Genevieve Nolan, said in a statement.

Webmaster's Commentary: 

Apparently the shutting off of water to the people wasn't seen as a negative by the money-junkies.

Jul 25 11:04

Water shut-off foes deliver petitions - and water - for Detroit

Opponents of the water department’s controversial shut-off campaign over unpaid bills rallied Thursday outside City Hall, delivering petition signatures and gallons of water to support Detroit families.

Patricia Jones, a program leader with the Massachusetts-based Unitarian Universalist Service Committee, gathered 6,000 signatures from clergy and others across the country who are demanding an end to the Detroit Water and Sewerage Department shut-offs and for Detroit’s elected leaders to issue permanent protections.

Jul 25 11:03

A rash of anti-Almond Milk articles flushes the liberal blog-o-sphere. Why?

It was only one month ago that the first anti-almond milk article appeared in U.S. News and World report which sparked the 'debate' online. The article received thousands of shares and swept across the internet at alarming speed.

So would it strike you as interesting if I told you that this 'source' article was written by Dietician Tamara Duker Freuman and that some deeper research into Ms. Freuman shows that she just so happens to be a paid 'Media spokesman' and consultant [PDF] with the Dairy industry? Or perhaps, when all the highly-subsidized overabundance of milk in U.S. public schools was being criticized, it was the same Ms. Freuman who not only came to Dairy's defense but actually advocated sugar-laden chocolate milk as a 'good thing' in schools?

Mrs. Duke remains on the payroll of Redwood hill Farms, which sells milks, cheeses, lactose-free creams, etc. and is headed by a woman by the name of Jennifer Lynn Bice.

Jul 25 10:20

New IRS Form Proves Obama Lied About Individual Mandate Tax

On Thursday the IRS released a slew of draft 2014 tax forms. The new draft Form 1040 shows a new surtax line has been created for the payment of the individual mandate surtax – see line 61 of the 1040.

President Obama has repeatedly denied that the surtax is in fact actually a tax.

Jul 25 10:14

POLL - 63.8% of Americans think the country is on the wrong track

Jul 25 07:30

Obama Calls For Collectivized New World Order

In a geopolitical context, Obama’s call for a “new order” really doesn’t sound any different from the old unipolar world order that the United States has represented since the end of the Cold War, which is now being challenged by the rise of the BRICS countries.

Jul 25 07:27

VIRTUAL 9-11: Will the US & Israel Hack The US Banking System Computers and Falsely Blame It On Iran (or Syria or Russia or China)?

So what it looks like is being planned, and pre-sold to the American people with all these stories about celebrities' personal information being hacked and made public (an activity that produces no profit for the hackers other than news headlines), and the "Syrian" (nudge nudge wink wink) hack of the AP Twitter feed that shocked the US stock market, is that the US Government will itself take down the US financial computers, and blame it on Iran /Russia/ China/Al Qaeda/Syria/Arabs and others to be named as convenient. This gets Wall Street and Washington DC off the hook, because now the financial melt-down is an act of war, rather than the result of decades of Wall Street crime and corruption and the predations of Private Central Banks. US banks have already been hit with cyber attacks, to set the stage.

Webmaster's Commentary: 

Reposted in light of yesterday's Drudge Report story that "Al Qaeda" is about to launch a cyber-terror attack on the US.

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Jul 25 06:41

Madoff Five Face Sentencing as U.S. Calls Denials Galling

“The devastation caused by these defendants and their co-conspirators is sweeping and, in many ways, unfixable,” Assistant U.S. Attorney Matthew Schwartz said in a July 18 memo. “That makes the defendants’ lack of contrition all the more galling.”

Jul 24 11:00

Historical Moment - Non-Eviction in Nottingham.

Webmaster's Commentary: 

The British people stand up to the mortgage fraudsters!

Jul 23 14:30

Money Market Account Freeze Passed by SEC


Breaking- SEC lays regulatory law to freeze Money market withdrawals during time of financial stress.

Jul 23 13:30

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors

Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few eurozone troika officials scrambling to salvage their balance sheets. A joint paper by the U.S. Federal Deposit Insurance Corporation (FDIC) and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds. New Zealand has a similar directive, discussed earlier here.

Jul 23 13:01

Jim Willie-We Got a Monster Recession of -6% or -7% Right Now

Jul 23 12:55

Canadian Group Will Bring Water to Detroit Residents Who’ve Had Water Shut Off

In 2009 Detroit’s unemployment rate was reported at 50 percent and now draconian budget cuts and a nine percent rate increase have led to thousands of residents having their water shut off. A group in Canada hopes to assist Detroit residents who aren’t able to pay their delinquent water bill in full.

CBC News reports that Council of Canadians are planning to help the 3,000 Detroit residents per week who are having their water shut off.

Maude Barlow, chair of the Council of Canadians, calls the plan to shut off the water to Detroit residents appalling and says it’s common in failed states, but not developed countries.

Jul 23 11:21

ALL WARS ARE BANKERS' WARS! ORIGINAL TEXT ARTICLE

"Banking was conceived in iniquity and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of a pen they will create enough deposits to buy it back again. However, take it away from them, and all the fortunes like mine will disappear, and they ought to disappear, for this world would be a happier and better world to live in. But if you wish to remain slaves of the Bankers and pay for the cost of your own slavery, let them continue to create deposits." -- Sir Josiah Stamp, President of the Bank of England in the 1920s, the second richest man in Britain

Webmaster's Commentary: 

This is the original article for "All Wars Are Bankers' Wars" from which the broadcast and later the video were created. I am reposting it here for the new visitors from my GCN radio show and also for readers coming over the Daily Telegraph, where my comments on the article "The dollar's 70-year dominance is coming to an end"(link now repaired) have drawn some obvious shills insisting that wars have nothing to do with the banks, the US economy is just hunky dorey, and the US dollar has nothing to fear from the Ruble and Yuan.

Clearly the private central banmks are getting very nervous that the world is not only waking up to their financial scam, but recognizes that they, as masters of the medium of exchange, have made themselves masters of the world, and willingly send millions of young people to horrible death and disfigurement to increase their wealth and control.

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Jul 23 10:08

Documents Emerge in Senate Hearing from William Broeksmit, Deutsche Exec Alleged to Have Hanged Himself in January

Anshu Jain, Co-CEO of Deutsche Bank, was not having a good day yesterday. First the oath-taking, subpoena-issuing Senate Permanent Subcommittee on Investigations released a detailed email to him from William Broeksmit, the 58-year old former Deutsche risk executive alleged to have hanged himself in his London home on January 26. By the end of the day, someone had leaked to the Wall Street Journal a deeply critical letter of Deutsche Bank from the New York Fed which said that “The size and breadth of errors strongly suggest that the firm’s entire U.S. regulatory reporting structure requires wide-ranging remedial action.”

Jul 23 10:01

Mississippi Cuts $1.3 Billion from Schools, Gives $1.3 Billion to Nissan

Mississippi has proved to us all that austerity, or the political ideology of “government living within its means,” is a farce. All austerity means is taking money away from public services, and giving it to private business. Mississippi Governor Phil Bryant and the GOP-led legislature illustrated that perfectly in two ways.

Jul 23 07:42

US Empire Reaches Breaking Point. “Greatest Threat to Humanity”. Time To End It

The people of the United States must work to end the interventionist violence of the U.S. Empire.

This is Part I of a two part series on American Empire. Part II will focus on the Empire Economy and [how] it is failing to work for most Americans as well as most people of the world.

The historian who chronicles US Empire, William Blum, issued his 130th Anti-Empire Report this week. In it he notes that the US, by far, is seen by the people of the world as “the greatest threat to peace in the world today” with 24% taking that view. Only 2% see Russia as such a threat, and 6% see China.

This should not come as a surprise since, as this map shows, much of the world has been bombed, had their democratically chosen government overthrown and has been occupied by the United States.

Jul 22 12:52

NY Fed Slams Deutsche Bank (And Its €55 Trillion In Derivatives): Accuses It Of "Significant Operational Risk"

First it was French BNP that was punished with a $9 billion legal fee after France refused to cancel the Mistral warship shipment to Russia (which promptly led to French National Bank head Christian Noyer to warn that the days of the USD as a reserve currency are numbered), and now moments ago, none other than the 150x-levered NY Fed tapped Angela Merkel on the shoulder with a polite reminder to vote "Yes" on the next, "Level-3" round of Russia sanctions when it revealed, via the WSJ, that "Deutsche Bank's giant U.S. operations suffer from a litany of serious problems, including shoddy financial reporting, inadequate auditing and oversight and weak technology systems."

Webmaster's Commentary: 

This is the pot calling the kettle black, in light of Wall Street's $90 trillion derivatives exposure. Of course, this may just be trying to lay the blame for the coming crash in Europe's banks.

Jul 22 11:41

JON STEWART DISCOVERS IT’S NOT KOSHER TO CRITICISE ISRAEL IF YOU ARE JEWISH

Meanwhile, Israel is learning that war is not good for business ...

Jul 22 11:30

Obamacare hit by ruling, but subsidies to continue

President Barack Obama's health care law is enmeshed in another big legal battle after two federal appeals courts issued contradictory rulings on a key financing issue within hours of each other Tuesday.

A divided court panel in Washington called into question the subsidies that help millions of low- and middle-income people pay their premiums, saying financial aid can be paid only in states that have set up their own insurance markets, or exchanges.

About 100 miles to the south in Richmond, Virginia, another appeals court panel unanimously came to the opposite conclusion, ruling that the Internal Revenue Service correctly interpreted the will of Congress when it issued regulations allowing consumers in all 50 states to purchase subsidized coverage.

The White House immediately declared that policyholders will keep getting financial aid as the administration sorts out the legal implications.

Webmaster's Commentary: 

Jul 22 10:48

ALERT: Pull Your Money From Money Markets Now!

The elitist establishment hates money markets, they prefer you keep your money in their banks, Chase, Citi etc.

They are going to make it very dangerous, through their tool, the SEC, to keep money in money market accounts. First, as FT explains, they are going to drive money markets to only buy government securities, especially institutional money market funds. In other words, money market funds will all be about propping up the government debt structure:

Jul 22 10:38

Malaysia Airlines Flight MH17: Canada to strengthen sanctions on Russia

Canada is ready to level more sanctions against Russia in the wake of the downing of Malaysia Airlines Flight MH17 in Eastern Ukraine, Foreign Affairs Minister John Baird said Monday.

Baird, speaking to reporters by teleconference from London, said new sanctions will be introduced against individuals and entities, as well as entire sectors of the Russian economy. Baird told reporters the new sanctions will be similar to those already imposed by the U.S.

Webmaster's Commentary: 

Jul 22 09:21

Russia Adds 500,000 Ounces Of Gold Reserves In June 2014

Based on the latest update of the Russian central bank, it appears that Russia has added another 500,000 ounces of physical gold to their reserves.

Webmaster's Commentary: 

"INVADE! INVADE NOW! NOW, NOW, NOW!!! The FED needs that gold!" -- Official White Horse Souse.

Jul 22 09:19

Dirty Dealing Harry Reid

Rather than write an article on this, I thought I would just post an email I received this morning. Harry Reid is up to his usual tricks. You remember him. He's the one who owns land close to the public land that Cliven Bundy was running his cattle on. Reid, with his son working with the Chinese, was hoping to make a fortune over selling land to them. Our land, by the way. Federal property does not belong to these crooks in D.C. but to all Americans.

Now he's trying to ram through legislation that would allow for taxing activity on the Internet. This is only the camels nose in the tent. Once it starts, where does it stop? Let's fight to keep our Internet free. It seems that these politicians are desperate for more money. More taxation without representation.

Webmaster's Commentary: 

It isn't just the money. They can write the internet taxes in a way where large corporations survive by passing the tax along to their users while small independent media websites (like this one) are forced out of business.

Jul 22 09:12

BREAKING: Obamacare dealt massive setback by federal appeals court

Millions of Americans are not entitled to government health insurance subsidies under Obamacare because of the way the law is written, a divided three-judge panel of the D.C. Circuit Court of Appeals ruled Tuesday.

In a decision that could blow a massive hold in President Obama’s signature domestic achievement, the court held that people living in states that relied on the federal government to set up their insurance market exchanges cannot offer the subsidies considered critical to making coverage affordable.

The D.C. Circuit Court of Appeals ruled the administration used an IRS rule to stretch the meaning of the Affordable Care Act, which said financial aid to to low- and middle-income people should only flow to exchanges “established by the State.” If that means only state-run exchanges, it would cut off subsidies to two-thirds of the nation.

Webmaster's Commentary: 

Jul 22 08:40

EU to present extended Russian sanctions on Thursday – Ashton

Last week, before Malaysia flight MH17 crashed, Europe declined to follow the US move and expand sanctions.

Webmaster's Commentary: 

And there is a motive for the US to help Kiev shoot down flight 17 and lay the blame on Russia!

Jul 22 08:01

Wall Street Cut From Guest List for Jackson Hole Fed Meeting

As the Federal Reserve Bank of Kansas City prepares to host next month’s annual gathering of central bankers in Wyoming, seasoned Fed watchers from the financial markets, including the chief U.S. economists of the biggest American banks, aren’t being invited, according to past participants.

Webmaster's Commentary: 

That rates a 'Hmmmmmmm'!

Jul 21 12:39

Enough Is Enough: Fraud-Ridden Banks Are Not L.A.’s Only Option

“Epic in scale, unprecedented in world history.” That is how William K. Black, professor of law and economics and former bank fraud investigator, describes the frauds in which JPMorgan Chase (JPM) has now been implicated. They involve more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; failing to disclose known risks, including those in the Bernie Madoff scandal; and engaging in multiple forms of mortgage fraud.

So why, asks Chicago Alderwoman Leslie Hairston, are we still doing business with them? She plans to introduce a city council ordinance deleting JPM from the city’s list of designated municipal depositories.

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